That’s a very good question. I’ll try and explain it from a...

That’s a very good question. I’ll try and explain it from a sector and company perspective.

I’ve made millions over the last decade or so from an investment strategy which includes playing fairly safe in the most part, and going heavily into some juniors / explorers, in sectors which I’ve considered have bottomed / near bottomed, or where here’s a huge latent demand / requirement for short to medium term supply.

Examples of the latter include lithium stocks - the likes of PLS and CXO (and more than doubled my investment in AZS, getting in quite late) at the start of the lithium boom. Both I bought sub 5c and rode them up. I had over 1.8m shares in Core lithium when they flew past the $1.50 mark on sector hype. My exit could / should have been better, but I did extremely well.

Rightly or wrongly, I diversified into REE as it’s been smashed down for so long, and with the huge incoming demand (EV”S / military / aeronautical etc.) and supply severely curtailed / dominated by China (does the Western world really want to be reliant on a country who have a habit of turning off the taps on anything in which they control the supply side (I won’t go into the US v China political aspects)?

I did my DD on companies in the sector, and considered Enova to be the one with the most upside. It’s as simple as that. Those you could name, have already done their dash / had a major re-rate.

If you know anything about geology, you should understand that what ENV have in Brazil, is an enormous resource. With the Malaysia connections and expertise, there’s a very good chance of it being economic. Brazil is a very cheap jurisdiction to mine in.

I agree management have made some very bad decisions regarding the timing of recent CRs. Very naive I believe.

But your claim of them simply raising money to pay salaries, is a little unfair. Eric Vesel, prior to last year, hadn’t paid himself anything until that point. Directors have taken next to nothing out of the company.

A huge chunk of the money spent from the latest raises has gone towards buying tenements, resource drilling and lab work.

At 0.6-0.7c, I see very limited downside from here (unless they go bust!). They spiked to over 5c not so long ago (pump and dump?), and I can see that happening again once they’ve proved up what they have, and of course if it’s economically viable to extract the contained REE and titanium.

Someone bigger will surely come in and buy them out once they’ve done all the hard work. My preference would be a JV and have the use of processing facilities.

Time will tell if I’ve made a bad investment and if you’re correct. I’ve picked a few stinkers over the years but I believe my investment thesis has been very sound overall.

Sorry to ramble! Good luck with your investment choices.